Finance Minister Jack Chambers has firmly rejected the idea of abolishing inheritance tax, stating that it would not be fair to do so. This comes in response to former Justice Minister Alan Shatter’s campaign to eliminate the tax.
Currently, children can inherit up to €335,000 from their parents tax-free, with anything above that amount being taxed at a rate of 33%. Minister Chambers believes that maintaining capital acquisitions tax is essential for a balanced economy that promotes fairness and equity.
While acknowledging the need to address thresholds due to rising property prices, he emphasized that completely abolishing the tax would not align with the broader principles of equity in society. Additionally, he highlighted the importance of capital acquisitions tax as a revenue-generating measure.
As discussions continue within the Government regarding potential adjustments to the tax system, Minister Chambers maintains that maintaining some form of inheritance tax is crucial for the country’s economic stability and societal well-being.